Obama wins second term

US President Barack Obama was re-elected today, television networks projected -- only the second time in several decades that a Democrat has won a second term in the White House. Romney called Obama to concede after the president's victories in the crucial state of Ohio and heavily contested swing states of Virginia, Nevada, Iowa and Colorado carried the Democrat past the 270 electoral votes needed for victory. Microblogs: Yashwant Raj | Pramit Pal Chaudhuri | Anirudh Bhattacharyya

President Barack Obama told cheering supporters early Wednesday that "the best is yet to come" for the United States as he stormed to a second term by defeating the Republican Mitt Romney. Speaking at his campaign headquarters in Chicago, Obama said he spoke to Romney and congratulated him on the campaign, and hoped to meet with the former Massachusetts governor to discuss ways to "move this country forward."

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US President Barack Obama swept to re-election Tuesday, creating history again by defying the undertow of a slow economic recovery and high unemployment to beat Republican foe Mitt Romney.

Romney called Obama to concede after the president's victories in the crucial state of Ohio and heavily contested swing states of Virginia, Nevada, Iowa and Colorado carried the Democrat past the 270 electoral votes needed for victory.

"His supporters and his campaign also deserve congratulations," he said, in a brief address at his Boston campaign headquarters.

"I wish all of them well but particularly the president, the first lady and their daughters."

"This is a time of great challenge for our nation," Romney told disappointed supporters gathered at a Boston convention center.

He warned against partisan bickering and urged politicians on both sides to "put the people before the politics."

Obama became only the second Democrat to win a second four-year White House term since World War II, when television networks projected he would win the bellwether state of Ohio where he had staged a pitched battle with Romney.

"This happened because of you. Thank you," Obama tweeted to his 22 million followers on Twitter as a flurry of states, including Iowa, which nurtured his unlikely White House dreams suddenly tipped into his column.

With a clutch of swing states, including Florida and Virginia still to be declared, Obama already had 275 electoral votes, more than the 270 needed for the White House and looked set for a comfortable victory.

There was a sudden explosion of jubilation at Obama's Chicago victory party as the first African American president, who was elected on a wave of hope and euphoria four years ago, booked another four years in the White House.

Supporters of US President Barack Obama cheer the news of the president's apparent re-election during his election night rally in Chicago. Reuters/Jeff Haynes

Supporters of US President Barack Obama cheer during his election night rally in Chicago. Reuters/Kevin Lamarque